A hire purchase plan is a commonly used financing option when purchasing high-value items such as cars, furniture, or appliances. However, there are various synonyms used to describe this type of payment scheme. These include instalment purchase, lease purchase, and rental purchase. Instalment purchase refers to an agreement where the buyer makes periodic payments over time until the entire purchase price is paid off. Lease purchase is similar to hire purchase, but the buyer has the option to purchase the item at the end of the lease period. Rental purchase is another synonym, which involves renting an item with the aim of owning it at the end of a predetermined term. Regardless of the terminology used, all these payment plans share the common element of providing flexible financing options for large purchases.